Inflation

Inflation Inflation

Le marché s’est emparé du thème. Interrogeons-nous sur sa temporalité. Au présent, rien de définitif n’est vraiment visible. Au passé, comment ne pas observer un profil des taux longs façonné par celui observé des prix ? Au futur, tout est aujourd’hui en relation avec la politique de reflation ; mais en sachant que le lien n’est en rien simple à comprendre. A court terme, il paraît bien ténu, à plus long terme, le champ des possibles est plus large. Est-ce une raison pour échafauder des anticipations aux fondements aujourd’hui fragiles ?

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